AVEO: 2Q Earnings Snapshot
CAMBRIDGE, Mass. (AP) _ AVEO Pharmaceuticals Inc. (AVEO) on Tuesday reported second-quarter net income of $4 million, after reporting a loss in the same period a year earlier.
The Cambridge, Massachusetts-based company said it had profit of 6 cents per share. Losses, adjusted for non-recurring gains, were 15 cents per share.
The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 6 cents per share.
The cancer drug company posted revenue of $433,000 in the period.
In the final minutes of trading on Tuesday, the company’s shares hit $2.15. A year ago, they were trading at $2.67.